FNG Exclusive… The changes at the top of the Financials division of Playtech (better known as TradeTech Group) continue.

Two weeks after FNG exclusively reported that CFH Group founder Christian Frahm had left the company, FNG has learned that two other key executives from within TradeTech’s B2B solutions group have also taken leave.

The primary departure is that of Muhammad Rasoul. Mr. Rasoul was Chief Product Officer and head of the institutional FX arm of Gain Capital, when he left in 2016 with some colleagues to found Alpha Capital Markets. Alpha provided solutions such as FX market making, CRM, risk management and prime brokerage services to (mainly) Retail FX brokers.

Alpha was acquired less than two years later by online gaming solutions giant Playtech for $150 million in late 2017. Mr. Rasoul and his colleagues including longtime partner Roger Hambury helped Playtech integrate Alpha with another acquired B2B-FX company, the aforementioned Mr. Frahm’s CFH Group, to create Playtech’s Financials business which as noted above was renamed TradeTech Group.

(The company also folded its Retail FX brokerage B2C business Markets.com into TradeTech).

It looks like the agreements which Playtech had with each of the senior executives of these acquired companies had them agree to stay on board for about three years. And now, with that post-acquisition period coming to a close, it looks like most if not all of the executives who joined the company via acquisition and helped build up TradeTech are taking leave and moving on to their next projects (or at least a temporary retirement phase).

The other departure is Mr. Rasoul’s longtime partner at Gain Capital, Alpha, and TradeTech, Roger Hambury. Mr. Hambury remains on the board of the company (ACM Group Limited), but as of May 2020 is no longer involved in the day-to-day management of TradeTech.

We understand that much of the day-to-day management of TradeTech has transitioned from Messrs Frahm, Rasoul and Hambury to the desk of TradeTech CEO Ron Hoffman. Mr. Hoffman was CFO of Playtech before moving over to help put together the TradeTech Group as we described above. The B2C arm of TradeTech, Markets.com, is run by Joe Rundle. Mr. Rundle had previously been with ThinkMarkets and ETX Capital before joining Markets.com as CEO in 2018.

We would also note that each of the departing executives are leaving the overall business in a very good spot. As we reported in late May, Playtech saw a fairly strong set of results in Q1-2020, driven mainly by the growth of TradeTech.